Refinance Home Loan or Investment Loan

Refinancing your home loan can be a good solution to save money on interest repayments and fees on your current loan.
It may also be beneficial if you seek greater flexibility with your loan. Flexibility such as being able to make extra repayments, using redraw and offset accounts for mortgage reduction
where other loans may be restrictive. Other features such as greater flexibility in
the types of properties that can be purchased especially for property investors.

There are many pitfalls when it come to refinancing and sometimes it is best to stay with your current lender as the costs are too significant to justify the change.

The best way to find out the total exit fees from your current lender is to contact them directly. They
should be able to give you the exact pay out figure.

Some of the exit fees to consider when refinancing;

Early Exit Fee - this no longer applies to new loans but some loans pre 2012 may still have early exit fees
stanched to them. Check with your lender.

Discharge of Mortgage Fee - this is the legal cost for discharging the mortgage. Can range between $100 and $600. Contact your lender

Break Fees - is the economic cost to the lender passed onto the borrower if a fixed rate is exited before the term has expired. This can sometimes be in the tens of thousands of dollars. Each lender has different formulas and it is advised you contact them directly for the exact figure.

Loan Application Fee - Depending on the lender they can charge a loan establishment fee for a new loan

Lenders Mortgage Insurance - if you borrow more than 80% of the properties value regular loans or 60% for low doc loans lenders mortgage insurance will need to be paid.

Discharge & Registration of Mortgage Documents - approximately $200 depending on the State Government

Solicitor Costs - if you use a solicitor to refinance your loan then there will be a fee. Generally, most people act for themselves when refinancing their mortgage

Break Fees - is the economic cost to the lender passed onto the borrower if a fixed rate is exited before the term has expired. This can sometimes be in the tens of thousands of dollars. Each lender has different formulas and it is advised you contact them directly for the exact figure.

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